South Korean regulator warns against US Bitcoin ETF trading
The Financial Services Commission (FSCC), the main financial regulator in South Korea, has warned local companies not to broker Bitcoin (BTC) exchange-traded funds (ETFs) from the United States.
On January 12, the FSC issued a brief press release emphasizing that domestic securities firms may “violate” the government's position on virtual assets and capital market law by listing foreign Bitcoin ETFs.
However, the statement mentions that the regulatory system for crypto in the country is still at an established stage. Therefore, the commission plans to review the regulations regarding updates abroad, particularly in the United States.
Related: Bitcoin spot ETF trading volume exceeds $1.6B within minutes of launch
The much-anticipated January 10th trading floor received approval to trade Bitcoin ETFs from the US Securities and Exchange Commission on January 10th, and trading opened a day later on January 11th.
According to data compiled by Cointelegraph, the total volume of Bitcoin ETFs in 10 locations reached more than $4.5 billion in one-day trading. Timothy Peterson, investment manager at Kane Macro, estimated that the buying activity in ETFs would require the purchase of approximately 47,000 Bitcoin (BTC) – at current prices of $2.1 billion – on the market.
Next in line are Spot Ether (ETH) ETFs. For example, BlackRock offers a SpaceEther ETF in November 2023. The deadline for the decision is May 23, 2024, and many crypto fans believe that the launch of Bitcoin spot ETFs will signal a positive outcome for the Ether ETF.
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